Search form

Loan Programs

Students please use the Key to First information below for all information regarding students loans. This includes information on financial aid application process, types of loans, budgeting tips, repayment options, what to do during residency with your loans, and much much more. This is a very valuable and useful tool, we encourage ALL students to download and look over all the information included, it will help you understand and manage your student loans.

Alternative Student Loan (Private Student Loan)

Alternative or private loans can be used by students who cannot cover the cost of attendance with federal student loans due to having reached annual and/or aggregate totals or have school-related expenses that cannot be funded with federal funds. These loans are similar to consumer loans in that loan approval is based on the borrower's credit record. Most lenders offer a pre-determination of eligibility prior to actual application. These loans are unsubsidized and the interest accrues, beginning at the date of disbursal (including in-school enrollment). There tends to be no cap on the interest rate, which is variable. For most alternative loans, eligibility for the amount borrowed must be certified by the Financial Aid Office. Students should note these factors when considering an alternative loan:

fees deducted from the proceeds of the loan prior to disbursal

potential that the lender may sell the loan(s)

length of deferment for residency program and grace period

frequency of capitalization of interest accrued on the loan(s)

repayment options and benefits

co-signer options

determination of interest rate

FASTChoice is an interactive tool that helps students with private loan education and processing. The list of lenders on FASTChoice is not a comprehensive list. Students always have the option to select a lender that does not appear on this list.

With Direct Federal Student Loans, students can:

borrow directly from the federal government and have a single contact for everything related to the repayment of loans, including Direct Loans at different schools.

Financial Resources for International Students

To be eligible for federal financial assistance, a student must be a U.S. Citizen, National, Permanent Resident (hold an I-151, I1551, or I1551C Alien Registration Receipt Card) or an eligible non-citizen [have an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service] showing one of the following designations:

Refugee

Asylum Granted

Indefinite Parole or Humanitarian Parole

Cuban-Haitian Entrant, Status Pending

Conditional Entrant (valid only if issued before April 1, 1980)

Students are not eligible for federal financial assistance if they:

have a Notice of Approval to Apply for Permanent Residence (I-171 or I-464);

are in the United States on an F1 only;

have G series visas (pertaining to international organizations).

International students who do not qualify for federal financial assistance must document that they have sufficient financial resources to finance a medical education. Most international students who do not have sufficient personal financial resources (i.e., savings, sponsorship, scholarship funds) rely on qualifying for a private student loan (usually with an approved co-signer). Eligibility for the amount borrowed must be certified by the Financial Aid Office.

Helpful Web sites:

Student Loan Programs and Required Credit Review

Negative credit can prevent approval for the following:

Graduate PLUS Direct Loan

Residency and Relocation Loan (for fourth-year students)

Alternative (Private) Student Loan

Negative credit may also require a student borrower to have a co-signer on the loan. Students should request a copy of their credit report before beginning school and resolve any outstanding problems. Credit scores will affect the interest rates on private student loans, with a poor credit score resulting in a higher interest rate. Most lenders do not set a cap on interest rates and the amount of interest can be charged during the life of the loan.

Residency and Relocation Loans

This loan program is available to assist fourth-year students with the costs associated with residency application, travel for interviews, and relocation for residency, if applicable. Residency and relocation costs cannot be included in the cost of attendance and funded by federal funds. The Financial Aid Office does not process these loans. Residency and relocation loans do not require certification of eligibility.